Broadcom expects sales at high end

MattAndrejczak

SAN FRANCISCO (MarketWatch) -- Broadcom Corp. shares climbed more than 7% Wednesday after Chief Executive Scott McGregor said that the communications chipmaker's fourth-quarter revenue will match or exceed the high end of its current target range.

Broadcom
BRCM
rose $3.11, to close at $46.13 after McGregor said the company expects to see sales of at least $775 million for the quarter. Late last month, Broadcom estimated its sales would be in a range of $765 million to $775 million, a figure that far exceeded Wall Street's expectations at the time.

During the same period a year ago, Broadcom reported a profit of 23 cents a share, on $539 million in revenue.

At an investor meeting, on Wednesday McGregor said the new forecast was due to broad-based demand for the company's wireless chips

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